"We see this project not just supporting the biodiversity and climate objectives of the country, but ultimately the economy and livelihoods of many, many folks," Shenique Albury-Smith, the Bahamas-based deputy director for The Nature Conservancy, told The Associated Press.
The deal involves buying back the existing debt via a new loan by Standard Chartered with reduced interest rates, a move expected to free up some $124 million in funding.
Together, the deals protect conservation areas larger than the Gulf of Mexico," said Melissa Garvey, global director for The Nature Conservancy's bond program.
Officials will likely use some of the money to protect, restore and manage the mangrove ecosystem, which stores carbon dioxide, a greenhouse gas, better than tropical forests.
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